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Has anyone used WealthAbility?
Hi Everyone, I wanted to see if anyone has used WealthAbility by Tom Wheelwright. The amount they charge to analyze your information and give you a plan is pretty steep, so I wanted to see if anyone has used them and how happy you are with their services. Thanks in advance for any input.
Hi All,
Can you guys help me clear my question. I am a realtor and RE investor. Last year, I had told by several syndicator that I invest to their deal and will receive negative K1 then use those negative K1 to offset my ordinary Income include my commission from 1099 because I am qualify as real estate professional.
Now, I am preparing to file my 2019 tax return, my Cpa told me I can't use passive negative K1 to offset my ordinary income include commission because they are different category. Then I call different cpa specialize in real estate, 100% of them said I cannot offset. I can only use to offset the syndicate distribution and capital gain when they sell the apartment.
I then ask one syndicator, she insist and told me I can and ask me find another cpa that can help
She refer me to wealthy ability. Wealthy ability advise there should be a way around but I need to pay their service begin with $10k.
may I ask anyone of you know if I can really use that negative K1 to off set? I don’t want to Spend that $10k and end up unable to offset or did something weird in my tax return trigger the audit.
it would be greatly appreciate if any of you can know the answer and help
So you pay between $5k and $15k for them to refer you to a CPA? That seems like a lot. What other value do they provide?
What are some examples that their magical CPAs provide?
So we are all looking for someone that is using Wealthablity to weigh in on the conversation.
It would be fantastic if a user could weigh in with a thumps up or down. Or even better some details for their experience.
Thanks much,
Michael DeAngelis
Originally posted by @John P.:
So you pay between $5k and $15k for them to refer you to a CPA? That seems like a lot. What other value do they provide?
What are some examples that their magical CPAs provide?
The CPAs that are in the WealthAbility network have all been been trained by Tom Wheelwright personally. So it's not quite like they just refer you to anyone.
The value is they can often lower your taxes - permanently. The tax savings should more than pay for the fee in the first year, I understand.
Also, I believe their fee includes a lot of training to educate you on how to minimize taxes.
I'm scheduled for a chat with them and Id like to know if anyone has benefited..preferably a realtor who also invests in multifamily and is a syndicator...basically what I am looking for is a CPA and strategy/advisor team locally (Northern VA) to build out the frame work in which I can maximize deductions.
@Eunice Johnson Let us know how it goes, I think they do good work, but the referral network model is interesting. Tom is certainly a mentor to me (I don't know him, just studied him for a few years) and helped me form my tax planning firm structure. However, as a firm, joining that network wasn't worth it for us as we have been using the same strategies for a bit through training by a nonprofit, the AICTC vs his network. There is a network of Certified Tax Planners out there that you could look into as wel.
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CPA
I had a call with Wealthability last week. They offered me two packages: The first was the $10K package with access to their wealth building team, and which I was told I was not quite a good fit for based on my tax return; the second package was a $2K package called the My Tax-Free Wealth Roadmap which was more self-directed and offered access to several video tutorials and 12 months of access to group calls with Tom Wheelwright live (2 per month, 24 total). I was told this would be an ideal package for me and would allow me to progress at my own pace to self learn about what I would need to to to maximize my tax deductions and would most likely include entity formation at extra costs. You also have the option to have one of their CPAs prepare your taxes for your, but that is not obligatory and would cost around $1,000 per year depending on how much time is required. The more entities you have, the more time is required to file your returns and will push the cost up. Here is the text from a PDF they sent me regarding the $2K Tax-Free Wealth Roadmap package I'm currently considering. Any feedback would be helpful:
Product Name: My Tax-Free Wealth Roadmap
Description: 24 interactive monthly live sessions with Tom Wheelwright, CPA, delivered via webinar with others who are seeking permanent wealth-building and tax-reducing strategies. Also includes a collection of online comprehensive learning courses led by Tom focused on tax savings and building wealth for new investors and entrepreneurs that are conveniently delivered online
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Includes 10 Online Courses: ➢ Your Wealth Dream ➢ Work-Free Wealth ➢ 3 Minute Investment Decisions ➢ Recruiting Your Wealth Dream Team ➢ The Entity Decision |
➢ Deduct It All ➢ Conversion Secrets ➢ Slash Your Tax Bracket ➢ Free Money ➢ Delay Pay, Deduct Today |
12 months of access to Ask Tom Live
▶ Ask Tom your questions live via webinar during two one-hour monthly live sessions
▶ Easy access to recordings of the live session
▶ Study the top questions gathered from entrepreneurs and investors while creating their strategy, personally answered by Tom Wheelwright, CPA
▶ While you are subscribed to Ask Tom Live, you’ll also receive full access to these additional courses:
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➢ Know Your Numbers ➢ Lawsuit-Free Wealth ➢ Preparing for the Inevitable ➢ Recruiting Your Dream Team ➢ High Performance Tax Habits ➢ Audit Proof Reporting |
➢ Walking the Walk ➢ S Corporations ➢ C Corporations ➢ The (Surprisingly) Exciting World of Cost Segregation ➢ Deduct Your Home Office ➢ The Power of Real Estate |
WealthAbilityTM U Online Courses
We’ve developed our courses specifically to cater to entrepreneurs and investors just like you. Our courses are designed for all styles of learning, from auditory to visual and kinesthetic. You can complete some or all of the materials included in each course – whatever works best for you and your learning style.
Each course includes:
Lessons
Listen and watch as Tom Wheelwright, CPA guides you through the course concepts in a series of lessons that are short videos. Tom uses his electronic white board to explain the concepts right on your screen. Tom highlights the parts that are most important and shares how to integrate them into your strategy. Lessons can be marked complete to track your progress. If you prefer to listen to the lessons in one file, a single audio file with all of the lessons is included.
Format: Streaming video for each lesson. Streaming audio file with all the lessons.
Quick Dip
The Quick Dip is a fast way to get an overview of each lesson. It provides a bullet point summary of the key concepts presented in each lesson. Time stamps are provided so you can go directly to specific concepts.. A “Lesson Takeaway” is provided for each lesson so you can quickly gather the highlights of each lesson.
Format: PDF
Fast Facts
Whether it’s the tax law or other facts, they can change fast. The Fast Facts contain the specific amounts, rates and other changing information related to the course content that you’ll want to use in your strategy. The Fast Facts are regularly updated to provide you with the most current information.
Format: PDF
Transcripts
Each lesson video is transcribed to provide another way to break down the course concepts.
Format: PDF
Deep Dive
If it’s details you want, the Deep Dive delivers. The Deep Dive provides in-depth information about the course content.
Format: PDF
Action Steps
When you are ready to apply the course concepts to your strategy, let the Action Steps be your step-by-step guide. Taking action is critical in your strategy – without it, you’ll struggle to get the results you want.
Format: PDF
Tools
From calculators to structure diagrams to worksheets, the tools are designed for you to apply specific course concepts to your strategy.
Format: PDF
Real Q & A
Discover how the course concepts apply in the real world. These are questions gathered from entrepreneurs and investors applying the course concepts to their strategy. Each question is personally answered by Tom Wheelwright, CPA.
Format: Webpages
Plus:
● Instant access to materials through your WealthAbility™ U online account
● Lifetime updates to keep your tax and wealth strategies up-to-date
Our 30-Day Total Confidence Guarantee:
A No-Question, 30-Day, Unconditional, Money-Back, Total-Confidence Guarantee.
@Rich Hupper
You're talking about residential lenders. Consider getting Commerical loans. They just take a personal financial statement. They may run credit but they never give me a hard time about my DTI ratio, my lack of a W2, or the fact that I offset my income with passive losses and don't have much "income."
@Lee Ripma thank you Lee. Commercial require you to have at least 20% skin in the game correct? They never allow anything less?
@Rich Hupper 20% for SFH, 25-30% for MF or commercial. I've never seen anything else however if you're under 1M then you're in local bank territory so it would be bank by bank policy.
Great thank you @Lee Ripma
Hi @Scott Benton,
Did you ever decide whether to go with the "My Tax-Free Wealth Roadmap"? My wife and I are trying to decide if it's worth the $2k/yr investment? What do you think?
Thanks!
Todd
@Todd Meyers, no I haven't been able to move forward with the "My Tax-Free Wealth Roadmap" from WealthAbility yet largely because of the COVID lockdown and the social unrest we're currently seeing. I would really like to speak to a couple of people who have successfully used this program/service to see what their experiences are like. I have not found a good review online for it and keep meaning to email them back and see if they would provide some references I can talk to and ask questions about their experience with the product before making a decision.
@Scott Benton, Thanks for your quick reply! Yeah, this is a crazy world. When we asked for references our sales guy (Noah) said that he couldn't provide any because of privacy issues. It looks like a couple of others here have gone with them. I'm hoping to hear from them soon. I'll post back when we make a final decision.
Todd
@Todd Meyers, Thank you. I'll be interested in hearing what others found valuable and if they thought the $2K was worth what they ended up getting.
What is it that Wealthability provides that you can t get from a CPA experienced with real estate investing? The ideas mentioned in the book are not secrets or new.
For what the $2k involves, there is a lot of "self education" out there for free. It won't be laid out as neatly, but if you wanted to put in the time, you could go that route. Depending on your complexity, a full blown tax plan w/ implementation could be warranted if an ROI is there in 12-18 months.
Wealthability is a marketing arm that actually just outsources to CPA firms in their "network". A CPA firm pays a subscriber fee to them to get the leads. It is a new concept Tom rolled out a year or so ago. Hope that helps!
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CPA
Originally posted by @Greg O'Brien:
@Eunice Johnson Let us know how it goes, I think they do good work, but the referral network model is interesting. Tom is certainly a mentor to me (I don't know him, just studied him for a few years) and helped me form my tax planning firm structure. However, as a firm, joining that network wasn't worth it for us as we have been using the same strategies for a bit through training by a nonprofit, the AICTC vs his network. There is a network of Certified Tax Planners out there that you could look into as wel.
Hi @Greg O'Brien,
I'm looking for a firm that can work with the tax and wealth strategies that WealthAbility and AICTP teaches but would be willing to accept a single member LLC as a client at more reasonable rates than those who are part of the WealthAbility network. I'm located in the Kansas City area.
Thanks!
Todd
This is Tom Wheelwright, CEO and founder of WealthAbility. Perhaps it would be helpful for me to explain who we are and what we do. First, we are NOT a broker. We have developed a system for reducing taxes permanently that works with business owners and investors. It includes both education and a network of CPAs and other tax advisors we have trained to use our system. So when you become a client of WealthAbility, you also become a client of one of our members. Together, WealthAbility and your CPA show you how to permanently reduce your taxes while building wealth. Let me give an example that Tracy Tsoi mentions in her post. Indeed, most CPAs will tell you that passive losses cannot be used. That is simply a false statement. The true statement would be that passive losses can only be used to offset passive income. The key then is to turn some of your active income into passive income. This can be done in several ways. One would be to give a portion of your business and a portion of your real estate to a child (through a trust) or a parent. That would make both the business income and the real estate losses passive and the losses would offset the income.
The key to tax planning is to create a comprehensive plan of action for reducing your taxes on a daily basis with a trained, qualified tax advisor.
@Tom Wheelwright: It's nice to see you on this forum. I read both versions of your TAX FREE WEALTH books and found the second version to be excellent and very glad you chose to do a page 1 rewrite on the first, have recommended it to several friends, and will read it again myself. I honestly thought it was THAT good.
I am not able to clarify the value of the $2K online "Self Education" version of your Wealthability program. I have asked for a sample of these videos that are presented and was told they were not available and are not sent out. Additionally, I asked for references from other clients who use Wealthability and who signed up and completed the online courses, but was told there were no references that would be made available. I have checked for reviews here on BiggerPockets, which you yourself have found and monitored, and looked on other forums, but I am not able to find any reviews other than the reviews posted on your sight about the bigger and more expensive program. Even on this BiggerPockets site, there seems to have been a difference in the pricing that was extended for the two packages to different potential clients who set up informational calls which I am not able to gain clarity on the differences to and why there is not one set price for each.
Feel free to provide that clarification and to help me and the rest of us on this thread better understand the value of this $2K "Self Education" program beyond reading your excellent (second version of the) TAX FREE WEALTH book.
If you are unable to provide a sample video of the lessons and are unable to provide references that interested potential clients like myself can contact and speak to directly for feedback on the program before purchasing either, I would like to suggest you include those resources in the future. I personally know it's making it difficult for me to move forward with considering the Wealthability platform even though I have gone through your other written material, as well as the Wealthability podcast which I also enjoy.
Lastly, with the Covid-19 shutdown currently in effect and unemployment at records highs considering the 1929 US population was 122MM @ 24.9% at its peak (as opposed to the 328MM population we have today), do you suspect lowering the cost in general for both Wealthability programs might be considered to encourage those of us currently not working and as a goodwill gesture for the unprecedented economic situation we find ourselves in?
Thank you for chiming in and helping us better understand the nature of your valuable tax education programs. I look forward to your response.
All the best,
Scott
Scott: We are in the process of redoing out website in part to do exactly what you are asking. The new website will reflect many success stories from those who have been through the WealthAbility process. In addition, we plan to add some videos that will give you a better idea of what we will be discussing in the courses. The website should be complete in the next few months.
Thanks for your feedback and please let us know what you think of the new website when it is up. I think you will like it.
@Greg O'Brien, instead of paying $2k for being referred to a CPA why not research those CPAs or tax attys that are in your area that specialize in RE?
These "cutting edge" RE tax strategies are not new.
How much do you pay for a lead nowadays?
Todd: Just FYI. Greg isn't being charged a referral fee. He is paying for a tax reduction system that includes 22 online courses. No CPA involved. My Tax Free Wealth Roadmap (the set of courses) walks someone through a comprehensive wealth and tax planning strategy. It's a DIY course.
Just got off the phone with Lindsey from the Wealthability team.
The cost was just under 10K for tax strategy only and a little over 15K for tax and wealth strategy. They charge additional fees for tax prep and quarterly meetings on an ongoing basis as well.
Based on my experience of the conversation I believe the investment makes sense if you're in the six figure net range (and up of course), like I am. Once you've paid in a considerable amount of your wealth year after year as you're building you're business (I built an insurance brokerage from the ground up but new to real estate investing), you become frustrated at the lack of competence and accountability you find even in qualified CPA's as well as the excessive amount you seem to pay Uncle Sam. The fact is, if a CPA is any good they're flooded with clients and are not able to juggle all clients on an individual basis as they initially did. So, the ROI becomes less and less as you work with them unless they can manage to clone them self as Tom appears to be attempting to do.
I don’t have time to do a self study program and they didn’t offer me the option. At this time, I spend 7K annually on fees to my CPA for tax only so this initial figure would be higher but in theory the return should ultimately be more if everything goes according to their claims.
I am considering their proposal and will likely move forward. If I do I’ll keep posting on my progress.